MercoPress. South Atlantic News Agency

New gas field could increase Bolivia's total production 5%

A new gas field has been found in east Bolivia, which will have a production capacity of 2.4 million-cubic-meter a day by October, Bolivian President Evo Morales announced. The new field, called Tacobo and operated by Argentine Pluspetrol, is located in San Isidro, the Bolivian eastern province of Santa Cruz rich in oil and natural gas reserves.

Accompanied by Hydrocarbon Minister Carlos Villegas, Morales made the announcement in a press conference held at the government palace in Bolivia's capital La Paz, which is the seat of government. Pluspetrol had invested some 36 million U.S. dollars by March 2007 to drill the new 6,000-meter-deep well, Morales said. Meanwhile, Villegas said Pluspetrol's officials believed the field could be producing 2.4 million cubic meters of gas daily by October 2008, although the beginning of production may have to be extended until early 2009. Bolivia produces some 40 million cubic meters of gas daily, but its domestic market demands and its exports to Brazil and Argentina total 46.7 million cubic meters. Bolivia has the largest natural gas reserves in South America behind Bolivia.